Federal Reserve Chairman Janet Yellen States Higher Education is Needed in Global Economy

Federal Reserve Chairman Janet Yellen states that higher education will increasingly be important in a global economy. As the world changes and the borders become more permeable and new skills will be needed to maintain a reasonable lifestyle. The changes are coming and education offers the hope of personal development that meets these global needs.

The world is complex and will continue to change quickly. Human beings must continue to adapt and adjust to those changes or they will slowly decline in financial healthy. Higher education helps people be more adaptable to coming technology changes.

Technology will continue to put pressure on worker skills. “While globalization will likely continue and technology will continue to advance, we don’t know how fast the economy will grow, what new technologies will be developed, or how quickly and consistently employment will expand," she told graduating students at the University of Baltimore. 

As workers we sometimes become lethargic in our learning process. We rely on our employers to keep us up-to-date on necessary skills. While this may be adequate in terms of our ability to maintain employment with that employer it is not wise to wait for companies to tell us to update our skills because their actions are focused on their current needs. 

To stay ahead of changes means updating our skills. It doesn't necessarily need to be higher education but it does need to be a constant engagement with personal development, training and other learning. To be effective one must learn to be a life-long learner that can accumulate and integrate new knowledge. Higher education provides a conduit for personal development for many people.